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Old 06-02-12, 08:26 PM
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Unhappy Self-employed and overwhelmed, especially with taxes!

I worked for a painter/landscaper for a couple of years. He was overloaded with work and wanted to do something kind, so he sold me his lawncare equipment so that he could focus on painting and I could make my own money off of his mowing route.
I realized that I've accidentally been messing up my self-employment taxes for the past few years. I was trying to do the right thing, and I certainly put enough work into it, but now I have to amend stuff and maybe hire someone to help me - but I'm embarrassed because I am the only person who understands my filing system, and I'm not thrilled with the idea of trying to resurrect the past few years because even I may not understand what I was thinking at the time. I dunno what I'll do if I'm audited...

Does anyone else struggle with a similar situation? What do you do that works, if you are a self-employed individual?
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Old 06-02-12, 09:57 PM
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Re: Self-employed and overwhelmed, especially with taxes!

Yes. taxes are terrible because i am totally unorganized. When I was self employed, I hired an accountant and dropped off receipts every month (or even 2x a month). Otherwise I would lose everything, with 1/4 crammed in the seats of my car and 3/4 thrown out in trash .
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Old 06-03-12, 12:28 AM
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Re: Self-employed and overwhelmed, especially with taxes!

Yeah taxes suck for the self employed - especially if you live in one of those states that also has a state income tax on top of the federal income tax. I am fortunate to live in one of the few states that does not have a state income tax because for me the federal IRS is enough to deal with.

Hire a CPA for the taxes and a book keeper for the filing or at the very least compare prices to some one who can get your paper in some order to take to the CPA. While I am sure the CPAs will organized your paper work they will charge you according to their expertise and knowledge - they are licensed professional and charge accordingly

Unless your self employment requires a crap load of regulation like handling radioactive material, wall street investor or some thing you may be able to hire some one who is like a accounting sectary but isn't licensed like the accountant and will some times be a bit cheaper and still get the job done


Now you can take your paper work in a shoe box if that is what you want to do. Naturally sorting and separating cost extra but people who do this stuff for a living LOVE disorganized individuals just like your landscaper loves folks who don't want to mess with their own lawns.

My husband and I do recycling and I do the paper work - typically last minute like I used to do home work projects in school but the job gets done well enough for our CPA to get the number she needs to figure our taxes

Two thing to doing business paper work - money in / money out = profit

Don't worry about what the professional will think - My vet does not look down on me because I don't neuter my own cats, people who mow the lawn love the fact that I am allergic and can't do it, and being behind on taxes is not as unusual as you might think. People who deal with taxes deal with folks who are behind all the time, it's part of their every day job.

Hope this helps
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Old 06-03-12, 12:43 AM
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Re: Self-employed and overwhelmed, especially with taxes!

Oh I forgot to ask the amount you got paid whether or not the individual filed a 1099 with the IRS when they paid their taxes this may have a lot of bearing upon your out come -plus teh CPA will need to know this.

I do not know about individual states but federally speaking I think it is $600.00 or over you are supposed to receive a 1099 from the person who paid you for your labor. Did you ever provide him /her with a SS# for yourself if not then the amount paid may not be on record with the IRS at all

Get with the guy who hired you to see if he categorized you as an employee, sub-contractor, ect. .. acquire all paper work - taxes are about paper paper and paper - The irs will provide you with any lost paper work they have received regarding wages paid to you like w-2s and 1099s. If it has been over a couple of years the irs may have figured your taxes for you In some cases their figured may be cheaper - again just get any and all wadge related paper work together for the years lacking before seeking a tax professional this will save both of you time when it comes to taxes time is money literally
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Old 06-03-12, 06:05 AM
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Re: Self-employed and overwhelmed, especially with taxes!

Quote:
Originally Posted by meadd823 View Post

Don't worry about what the professional will think - My vet does not look down on me because I don't neuter my own cats, people who mow the lawn love the fact that I am allergic and can't do it, and being behind on taxes is not as unusual as you might think. People who deal with taxes deal with folks who are behind all the time, it's part of their every day job.

Hope this helps
LOL...I'm also allergic, but the generic version of Claritin works well enough.

Thanks for all of your advice. I did not know about the 1099 forms, I will look into that. Also, I was never reported by my previous "employer" or given W-2s, he just gave me cash to do odd jobs for him.
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Old 06-03-12, 10:44 AM
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Re: Self-employed and overwhelmed, especially with taxes!

I always had problems with taxes when I was self
Employed. The quarterly filings were late almost always and my state
Fines for that are insane. What helped me was put it all on a calendar hanging in my office, put the dues dates in my smart phone and scan receipts and have them on my computer.

I don't know why but I'm much better at keeping organized in my phones and computers than in the physical world.

The worst problems I had though were always due to keeping money in my accounts to pay bills, taxes and even buy materials that I needed to operate.
I still owe the IRS from over 5 years ago because of my inability to hold onto money.

My money handling has gotten a bit better with medication and therapy. I'm more aware of the future.
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